Goals for money

[Permanent Temp]

As my user name suggests I am a permanent temp. I hope to not be forever but this is the situation I've found myself in. Over the past 3 years of being partly employed I've learned to not rely on my credit cards and cut down on my expenses.

I am now down to just one credit card although my medical emergency whipped out my emergency fund and caused me to charge up 500 on my card that had nothing to do with the emergency as I was using the card to pay for the expense before transferring over the money to pay it off because it has rewards points. I will be paying off the 500 next week and have removed the card from my wallet.

I know I will be employed at least until the end of September. At the moment I have:

Debt:

Credit Card 29.99% with 487.86 (to be paid off next week)
Credit Card 19.8% with 2580 (Currently paying interest plus 100 a month)
Car loan: 9% left to pay 6600 (sometimes throw an extra 30-20 toward principal)
Student loans (deferable upon unemployment) 3 of which are generating a total of 380 dollars in interest each month with is not getting paid rate from 5.35 to 6.55 total of 19K. I'm currently paying an extra $20 toward these each month.

Savings:
Emergency Fund: empty
Back up monthly expenses fund: 2 months worth, about to be 3 months worth

Retirement
Roth IRA with 800 I pay in 30 every 2 weeks

I am currently in my late 20's. I'm trying to figure out what I should be doing should my employment situation steady for the next 2-3 months (it is a possibility which I was just told about)

My question is after I hit my savings goals (5-6 months of expenses and 5K emer fund), I'd like to start tackling some debt again, should I try to throw some extra money toward my credit card, car loan or pay off one of those small student loans which is growing and not shrinking or ramp up IRA contributions. During this bout of employment I have surely paid myself first and paid off a credit card with a small balance, as well as had a modest wedding which I paid for in cash over the course of a year (4K).

When my temp job goes away I would be relying on my part-time work to help me pay 2 of my bills the rest would have to come out of my backup cash, I'm usually unemployed for about 5 months. Last year was the longest bout of unemployment I've had with about 9 months without being gainfully employed.

[bjl584]

The first thing that I would do is find a full time permanent job. Or maybe another part time job.

You said that you are employed until the end of September. That's only another 2 weeks or so.

The first debt that I would pay extra on would be the 19% CC. Focus all extra money to that while paying the minimum on the other debts.

[Permanent Temp]

The first thing that I would do is find a full time permanent job. Or maybe another part time job.

You said that you are employed until the end of September. That's only another 2 weeks or so.

The first debt that I would pay extra on would be the 19% CC. Focus all extra money to that while paying the minimum on the other debts.

Yes I am always looking for another job. My resume is out there and have been contacted from time to time for temp positions. Another part time job is not an option because it would keep me tied to two just which do not pay a living wage, for example I currently make in one hour of overtime in my contract job what I make in a whole 5 hour shift at my part time job. And my contract hourly rate is almost 4 times higher than my part time hourly rate.

No one has ever offered me full time work, it simply never happens. All of them give me glowing recommendations when I move on to a new positions but most of those companies are unwilling to hire any full time employees. What happened at my last position was actually infuriating but I won't discuss it here. I made this post because it appears my employment may last for a few more months still (past my guaranteed time) and so I'm trying to figure out what my next move is while I'm still at this position. Thank you for the advise. I think I will just focus on the credit card after I've filled up my savings.

ETA: I see now I forgot to put in the original post that the job is possibly going on for another 2-3 months! Sorry about that. Now I realize how people must have looked at that lol.

[ideasonfinancing]

There are times when temporary workers get paid more than stable ones because of the freedom to get more jobs than one. I guess you just have to be creative and resourceful in pulling this off. If you really cannot, then, I think you have gathered enough experience and skills already to land the job done.

[dojo]

Its' good you're paying off the first CC, and I would also take care of the second one, the 19%. I think these would be the 'hottest' to handle now and then start trying to get the emergency fund back up. It's good you had it in the first place, it really helped in your case

Can you do some side jobs? Something like freelancing? Anything to get few more bucks each month? In your case I think anything helps and you do seem to be very determined and focused to make it all work out.

Best of luck and keep us posted on your progress

[bjl584]

No one has ever offered me full time work, it simply never happens. All of them give me glowing recommendations when I move on to a new positions but most of those companies are unwilling to hire any full time employees.

It sounds like you need to update your resume and/or apply for jobs outside your field. What field are you in? Do you have other skills? Are you willing to work outside your field? There are plenty of full time jobs out there if you are willing to look.

[Permanent Temp]

The first thing that I would do is find a full time permanent job. Or maybe another part time job.

You said that you are employed until the end of September. That's only another 2 weeks or so.

The first debt that I would pay extra on would be the 19% CC. Focus all extra money to that while paying the minimum on the other debts.

It sounds like you need to update your resume and/or apply for jobs outside your field. What field are you in? Do you have other skills? Are you willing to work outside your field? There are plenty of full time jobs out there if you are willing to look.

I have a science based degree and went from a lab as my first temp job, to a cushy job where I do FDA related work. I get paid well due to unfaltering confidentiality, dedication and perseverance. With this job I finally found something I could see myself doing for a life time. I've been looking into how to make this sort of work my career as I enjoy it, it pays well and there don't seem to be a lot of people out here that find what I do interesting.

If I had not been more flexible I would have made nothing stuck in a job I hate. I have worked plenty of other jobs right now I work a minimum wage part time job and I've done odd jobs through temp agencies (during the last bout of umemployment) including working the last election. I worked really hard for my degree and I do not want to leave scientific related work completely.

If I really had my way I would love to be a tech writer. I looked into it a year ago but it looks like I'd have to learn how to code. I tried learning on my own through free resources but I think I'd need a more disciplined structure for me too keep at it.

[Permanent Temp]

Its' good you're paying off the first CC, and I would also take care of the second one, the 19%. I think these would be the 'hottest' to handle now and then start trying to get the emergency fund back up. It's good you had it in the first place, it really helped in your case

Can you do some side jobs? Something like freelancing? Anything to get few more bucks each month? In your case I think anything helps and you do seem to be very determined and focused to make it all work out.

Best of luck and keep us posted on your progress

Yes I have a temp agency that lets me do odd jobs for days for more money than my part-time job I do those while unemployed. I agree with the credit card. After I fund the emergency fund which will take a paycheck or too if focus on the 19% cc. The balance on the one I'm paying off next week is only about 500 so I'm just whipping it. Last week I paid off my other cc realizing I had no reason to be carrying that 400 but this was only after I met my 2-3 month bill goal and my EF goal had been met. I've learned the hard way that without savings I will only end up with an account in collections or putting the balance on my credit card leaving me right back where I started.

[annibe11e]

With the uncertainty of your income, I would not be making extra payments toward any debt. Hold onto your money for living expenses until you have a steady permanent income.

[stoney508]

Is there a way you could put your scientific use by starting yourself a "consulting" (for lack of better word)agency where you have your services open for anyone that puts a bid in for your expertise? Is there more than 1 employeer within say a 45 minute drive that is looking for these services that you can provide? That could be a viable solution to the permanent temp and if you have been doing this for some time you have references and these employeers that you have been with in the past could potentially be repeat "customers".

[asdf]

There seems to be a fair amount of the basic information that, if known, may help to give some further suggestions:
--I understand that your income may be variable, but is there a general range that you earn monthly to use as a baseline? Also, how many hours per week do you currently work?
--Can you provide a breakdown of all of your monthly expenses, including the minimum payments due on your debts?
--How much is in your current backup fund?
--What's your living situation? Do you live alone, or with others?
--How much is your car worth, and are there any other significant assets that you own?

[Permanent Temp]

Is there a way you could put your scientific use by starting yourself a "consulting" (for lack of better word)agency where you have your services open for anyone that puts a bid in for your expertise? Is there more than 1 employeer within say a 45 minute drive that is looking for these services that you can provide? That could be a viable solution to the permanent temp and if you have been doing this for some time you have references and these employeers that you have been with in the past could potentially be repeat "customers".

This is actually what I am doing right now The employer has told me that I they've had repeat employees if they like your work. My work has been great so I think I'd get hired back but I'd like to figure out a way to get myself out there to do it for other companies as well but I'm not sure how. These guys found my resume on a job board.

[Permanent Temp]

There seems to be a fair amount of the basic information that, if known, may help to give some further suggestions:
--I understand that your income may be variable, but is there a general range that you earn monthly to use as a baseline? Also, how many hours per week do you currently work?
--Can you provide a breakdown of all of your monthly expenses, including the minimum payments due on your debts?
--How much is in your current backup fund?
--What's your living situation? Do you live alone, or with others?
--How much is your car worth, and are there any other significant assets that you own?

Baseline: I make about 2400 a month take home pay not counting overtime and my part time job.
Overtime as needed, and my part time job varies wildly in hours which makes pay from $160-600+ a month I don't even count my money in my part time work as it just put it directly in my emergency fund although while the wedding was going on some of that money went toward that. And a leat one of those checks went toward a set of tires for my car and a repair.


-My current back up emergency fund has less than 1500 after being wiped for medical bills. I had about 3K in there. I also have an account with enough money for 3 months worth of expenses. I have a few other savings accounts with a few hundred dollars in them for gifts, Christmas, the trip home I take every year etc they probably total about 1200.
-I live with my husband we split expenses while I'm working. While I'm not he takes over common ones I can't pay and I cover my own bills (car payment, and credit card minimum if there's money left over I use it to eat) and put my student loan in deferment.
-My car is worth 5097 as a trade in according to KBB but I owe 1544 over that on it.

Expenses:
Rent and utilities: 453
Gym membership and paper subscription: 34
Car payment: 283
Car insurance: 180
Student loan: 253
I have to make sure I have $26 in my checking account transferring over to savings every month to avoid a $5 fee so I count that as an "expense"

My credit card with a balance has a $70 min payment at the moment. The other one I'm paying off next week I dumbly charged up 400 on it during all this medical stress time.

And I've been putting $60 toward my IRA every month.

I budget about $400 a month for myself to buy groceries etc. I eat lunch from home most days I go out for lunch once or twice a week. Gas is not really a factor as both my jobs are nearby I spend maybe 40 a month on gas.

I've been employed since February with this contract job and in that time I've paid off a credit card, paid for a wedding (about 4.5K), took a vacation (about 700) and racked up some unneeded expenses, paid for an expensive bday present etc.

As some else said I should be stock piling my money and I've mostly been doing that.

The fact that the student loan is growing each month, some of the loans have more interest a month generated on them that the payment make on them and so it pays half the interest nothing goes toward the principal, which is scary to me, but those loans can be deferred, this credit card has 2540 left on it at a 19% interest rate. Until last week I had more than that in my emergency fund and was thinking about putting some more money toward paying that balance off. My car loan is more than the car is worth at a 10% interest rate.

So I was thinking of throwing an extra 200 a month toward one of these problems while the rest of my money bulks up my savings. Last time I was employed I had a hard choice to make between paying off a card with a 3000 balance and a 29.99% interest rate and saving money for when I would be unemployed. I decided to pay off the card since I was making 220 payments on it each month just to be able to pay off slightly more principal than balance. Also I knew I'd have unemployment payments cover me for a while and I had enough in the bank for the one moth gap between the assignment end and unemployment kicking in. It was a great decision and unemployment was much easier to life off of minus that 200 payment each month.

This time I will more than likely not be utilizing unemployment or will be unable to as I am unwilling to quit my part time job. I would only have a few months worth and then I'd be without anything while my part-time job pays at least enough for me to keep my car.

[Permanent Temp]

I don't know if this helps but here are my loans & CC in one place

CC 2540 19.8%
Car 6641 10%
Student loans:
A - 4320 6.55%
B - 4000 6.55% (This one is growing)
C - 2525 5.75%
D - 5050 5.35%
E - 1120 6.55% (This one is growing)
F - 2200 6.55% (This one is growing)

No other loans.

My Roth IRA has 700 I know its not much but I'm not sure how to balance debt, savings and retirement funds. I'd love to ramp up the money so I can let compounding work for me (I'm in my late 20s)

[asdf]

I did not notice that you got married recently (congrats, btw!) The way I'm reading your post, I'm guessing that the two of you have decided to keep debts separate and to ideally split joint expenses equally. Just wanted to make sure that was the case.

Anyway, I would definitely stop the Roth contributions until at least that CC debt is gone. The interest rates are high enough on the car loan and especially the CC that I doubt you're going to beat that on the market. And honestly, if you have three months of expenses squared away, I'm not sure if your EF needs more attention either. (This is especially so if your husband's employment is more stable--how is his professional outlook right now?)

Your expenses mostly look reasonable. Personally, I would cancel the gym and paper subscriptions, but at least the dollar amount on that isn't huge. Some will say that your grocery costs are high but I can't personally say that, otherwise I'd be a hypocrite--I do enjoy good food.

Getting extra/better work will certainly help. Keep up the job search, and best of luck!